Answer:
766
Explanation:
Calculation to determine the cost of merchandise sold for November if the company uses LIFO
Cost of merchandise sold = (9*24) + (22*25)
Cost of merchandise sold= 216 + 550
Cost of merchandise sold=766
Therefore the cost of merchandise sold for November if the company uses LIFO is 766
Chad is the founder of a firm producing self-driving vehicles. Because the industry is so new and chaotic, Chad favors a top-down strategic planning approach in which he exerts strong control over all aspects of the business, from product development and design to manufacturing and marketing. What is wrong with this scenario
Answer:
a. The self-driving vehicle industry is changing too much for the top- down approach to be effective.
Explanation:
The top-down strategic planning approach involves the company goals and their subdivisions. The aim is to gradually move from the top to down in a specific hierarchy. This approach lies on higher authority and in contrast the bottom-up strategy favors decision making that gives complete staff a voice.The parts can be purchased from an outside supplier for only $28 each. The space in which the parts are now produced would be idle and fixed production costs would be reduced by one-fourth. If the parts are purchased from the outside supplier, the annual impact on the company's operating income will be:________
a) $24,000 increase
b) $24,000 decrease
c) $56,000 increase
d) $56,000 decrease
Answer:
d) $56,000 decrease
Explanation:
In the case when parts are produced by sharp corporation
Given that
Total cost per unit = $36
Total cost = Total cost per unit × parts
= $36 × 8,000
= $288,000
Now
If the parts are Purchased by the outside supplier, fixed costs decreased by one-fourth.
So, three-fourth fixed costs should be incurred.
Now
Total cost per unit = Purchase Price + three - fourth fixed costs
= $28 + (3 ÷4) × $20
= $28 + $15
= $43
Now
Total cost = $43 × 8,000
= $344,000
So, the operating income is
= $288,000 - $344,000
= $56,000 decrease
Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bonds have a carrying value of $990,000. We call these bonds prior to maturity on September 30.
Required:
Write down journal entry.
Answer: please see explanation column for answers.
Explanation:
The journal entry is as follows:
To record the bonds payable and retirement
Date Account titles and explanation Debit Credit
Sept 30, Bonds payable $1,000,000
Loss on bonds retirement $20,000
To Discount on bond $10,000
To cash $1,010,000
Calculation:
Loss on bonds retirement:Total Cash disbursements - carrying value
= (par value of the bonds+ call premium) -carrying value
= ($1,000,000 + $10,000) - $990,000
= $1,010,000 - $990,000
= $20,000
A business school has 15 full-time faculty and seven of them have tenure. A random sample of six faculty are randomly selected to form a committee. What is the probability that exactly three of the faculty on the committee have tenure?
The probability where exactly three of the faculty have tenure is 0.3916.
The computation of the probability where exactly three of the faculty have tenure is given below:
Since there are 6 faculty from 15 should be chosen so it should be [tex]^{15}C_6[/tex]
Now there are 3 faculty from 7 should be chosen so it should be [tex]^{7}C_3[/tex]
Now the probability is
[tex]= \frac{^7C_3 \times ^8C_3}{^{15}C_6}[/tex]
= 0.3916
Therefore we can conclude that the probability where exactly three of the faculty have tenure is 0.3916.
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You are the manager of Black Spot Computers, which competes directly with Condensed Computers to sell high-powered computers to businesses. From the two businesses’ perspectives, the two products are indistinguishable. The large investment required to build production facilities prohibits other firms from entering this market, and existing firms operate under the assumption that the rival will hold output constant. The inverse market demand for computers is P = 5,900 − Q, and both firms produce at a marginal cost of $800 per computer. Currently, BlackSpot earns revenues of $4.25 million and profits (net of investment, R&D, and other fixed costs) of $890,000. The engineering department at Black Spot has been steadily working on developing an assembly method that would dramatically reduce the marginal cost of producing these high-powered computers and has found a process that allows it to manufacture each computer at a marginal cost of $500. How will this technological advance impact your production and pricing plans? How will it impact Black Spot’s bottom
Shanghai Company sells glasses, fine china, and everyday dinnerware. It uses activity-based costing to determine the cost of the shipping and handling activity. The shipping and handling activity has an activity rate of $8 per pound. A box of glasses weighs 2 pounds, a box of fine china weighs 4 pounds, and a box of everyday dinnerware weighs 6 pounds. Round answers to the nearest whole dollar.
a. Determine the shipping and handling activity for each product.
Glasses $
China $
Everyday dinnerware $
b. Determine the total shipping and receiving costs for the china if 3,500 boxes are shipped.
$
Answer and Explanation:
The computation is shown below:
a. For shipping and handling activity for each product is
For Glasses
= $8 × 2
= $12
For China
= $8 × 4
= $32
And, for Everyday dinner ware
= $8 × 6
= $48
b. the total shipping and receiving costs for the china is
= 3,500 × $32
= $112,000
Hence, in this way the parts could be determined
At the end of 2010 Jarrett Corp. developed the following forecasts of net income:
Year Forecasted Net Income
2011 $20,856
2012 $22,733
2013 $24,552
2014 $27,252
2015 $29,978
Management believes that after 2015 Jarrett will grow at a rate of 7% each year. Total common shareholders' equity was $112,768 on December 31, 2010. Jarrett has not established a dividend and does not plan to paying dividends during 2011 to 2015. Its cost of equity capital is 12%.
Required:
Compute the value of Jarrett Corp. on January 1, 2011, using the residual income valuation model.
Answer:
$83,057.11
Explanation:
The value of the company is the present value of its residual income where the residual income is the net income in each year minus the implicit cost of capital
residual income=net income-(cost of equity capital*beginning shareholders' equity)
2011:
residual income=$20,856-( $112,768*12%)
residual income=$7323.84
stockholders' equity at the end of 2011=$112,768+$20,856=$133,624
2012
residual income=$22733-( $133624 *12%)
residual income=$6,698.12
stockholders' equity at the end of 2012=$133,624+$22733=$156,357
2013:
residual income=$24552-(12%*$156357)
residual income=$5,789.16
stockholders' equity at the end of 2013=$156,357+$24552=$180,909
2014;
residual income= $27252-(12%*$180909)
residual income=$5,542.92
stockholders' equity at the end of 2014=$180,909+$27252=$208,161
2015:
residual income=$29,978-(12%*$208161)
residual income=$4,998.68
Terminal value of residual income=2015 residual income*(1+terminal growth rate)/(cost of equity-terminal growth rate)
Terminal value of residual income=$4,998.68*(1+7%)/(12%-7%)=$106,971.75
value of the company=$7323.84/(1+12%)^1+$6,698.12/(1+12%)^2+$5,789.16 /(1+12%)^3+$5,542.92/(1+12%)^4+$4,998.68/(1+12%)^5+$106,971.75/(1+12%)^5
value of the company=$83,057.11
When the value of a currency A reduces as a result of an increase in the value of another currency B, then currency A would be said to have Select one O a, Arranged b. Depreciated OC Devalued O d. Denominated
the answer is not here the answer is deficit but I will pick depreciated
Smith Construction,Inc.just paid a $2.78 dividend.The dividend is expected to grow by 4% each year for the next three years.After that the company will never pay another dividend ever again.If your required return on the stock investment is 10%,what should the stock sell for today?
A) $7.46
B) $28.91
C) $46.33
D) $15.63
Answer:
A) $7.46
Explanation:
The computation of the stock sell for today is given below:
D1 = 2.78 × (1.04)
= 2.89
D2 = 2.89 × (1.04)
= 3.01
D3 = 3.01 × (1.04) = 3.13
Now the price of the stock is
= 2.89 ÷ (1.1) + 3.01 ÷ (1.1)^2 + 3.13 ÷ (1.1)^3
= $7.46
hence, the correct option is a.
The same should be considered and relevant
Wood used in the production of furniture. select a type of costs 2. Fuel used in delivery trucks. select a type of costs 3. Straight-line depreciation on factory building. select a type of costs 4. Screws used in the production of furniture. select a type of costs 5. Sales staff salaries. select a type of costs 6. Sales commissions. select a type of costs 7. Property taxes. select a type of costs 8. Insurance on buildings. select a type of costs 9. Hourly wages of fur
Answer:
Variable costs change with the volume of production.
Fixed costs remain constant for a certain level of production.
Mixed costs have an element of both in that they are constant but will change if a certain level of production is passed.
1. Wood used in production of furniture ⇒ Variable cost
2. Fuel used in delivery trucks ⇒ Variable cost
3. Straight-line depreciation on factory building ⇒ Fixed cost
4.Screws used in production of furniture ⇒ Variable cost
5. Sales staff salaries ⇒ Fixed cost
6. Sales commissions ⇒ Variable cost
7. Property taxes ⇒ Fixed cost
8. Insurance on buildings ⇒ Fixed cost
9. Hourly wages of furniture craftsmen ⇒ Variable cost
The three goals of executive compensation are to align management’s interest with the shareholders, to keep management from leaving in bad times, and to refrain from giving too much of shareholder profits to management.
a. True
b. False
The following information relates to last year's operations at the Legumes Division of Gervani Corporation: Minimum required rate of return 12% Return on investment (ROI) 15% Sales $ 900,000 Turnover (on operating assets) 3 times What was the Legume Division's net operating income last year
Answer: $45000
Explanation:
Firstly, the operating asset will be calculated which will be:
Operating asset = Sales / Turnover
= 900,000/3
Operating assets = $300,000
Then, the net operating income will be: Return on investment × Operating assets
Net operating income = 300,000 × 15%
= 300,000*0.15
= $45,000
Therefore, Legume Division's net operating income last year is $45000
explain how the looting of shops and malls will affect businesses in terms of the relationship between social responsibility and triple bottom line
When people loot shops it shows that they are irresponsible and it goes on to destroy the image of the society they live, destroys a business by taking away their means of making profit.
Social responsibility can be described as the civic and ethical duties that citizens of a country owe to the nation they live.
The three bottom principle has the profit, people and the planet. The looting of shops draws a line between consumers relationships and their social responsibility.
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The first step in creating your personal marketing plan is to conduct a career audit.
Apply the "Evaluate your abilities" step in career audit on yourself including your work (if working), a
specific project you did, your academic progress or any major event(s) on your career path.
Answer:Personal marketing plan 1. Outline your distinctive price proposition. In selling, a press release that addresses distinctive variations between like product is thought as a “value proposition”. Triple-crown sales individuals knowledge to elucidate w
Explanation:
Why My LinkedIn Lead Generation Is Failing?
Answer:
Your LinkedIn lead generation is failing due to the following mistakes:
Mistake 1. Not Choosing the Right LinkedIn Automation ToolMistake 2. Sending and Sharing Self-Promotional ContentMistake 3. Not Personalizing ContentMistake 4. Not Segmenting LeadsMistake 5. Not sending Follow-UpsMistake 6. Not Paying Attention To StatsThere are tons of big and small mistakes that marketers make when it comes to LinkedIn lead generation. However, the worst thing is to not learn from those mistakes and keep repeating the mistakes.
If the price of a haircut is $15, the number of haircuts provided is 100. If the price rises to $30 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 300.
Instructions: Round your answers to two decimal places.
The price elasticity of supply for haircuts between $15 and $30 using the mid-point method is:________.
Answer:
1.5
Explanation:
Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.
Price elasticity of supply = midpoint change in quantity supplied / midpoint change in price
Midpoint change in quantity supplied = change in quantity supplied / average of both supply
change in quantity supplied = 300 - 100 = 200
average of both supply = (300 + 100) / 2 = 200
200 / 200 = 1
midpoint change in price = change in price / average of both price
change in price = $30 - $15 = $15
average of both price = ($30 + $15) / 2 = $22.50
15 / 22.5 = 0.67
1 / 0.67 = 1.5
If the absolute value of price elasticity is greater than one, it means supply is elastic. Elastic supply means that quantity supplied is sensitive to price changes.
The purpose of an analysis of an account is to illustrate - in the account for the period under audit
Answer:
all changes
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
The purpose of an analysis of an account is to illustrate all changes in the account for the period under audit. Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
There are two (2) main types of financial analysis;
I. Vertical analysis.
II. Horizontal analysis.
In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially. Hence, it is also referred to as the trend analysis.
Under the horizontal analysis of financial statement, we use the financial statements of two or more periods; earliest and latter periods.
Generally, the earliest is chosen as the base period while all other items on the statement for a latter period will be compared with the items on the statement of the base period.
1. Managerial Internal (Inside) accounting information reports are generally prepared for A) Stockholders or Shareholders B) Creditors, Lenders, or Banks C) Managers. D) Regulatory Agencies, like the IRS or SEC
Answer:
C) Managers
Explanation:
Managerial accounting is the accounting that concern with the information received via financial accounting inside the organization. The accouting reports that could be applied for planning, decision making and measuring the performance of the company
So if the managerial accounting information reports are prepared internally so it is for the managers to analyze the overall performance of the organization
Hence, the option c is correct
Brian lives in San Francisco and runs a business that sells guitars. In an average year, he receives $704,000 from selling guitars. Of this sales revenue, he must pay the manufacturer a wholesale cost of $404,000; he also pays wages and utility bills totaling $286,000. He owns his showroom; if he chooses to rent it out, he will receive $3,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Brian does not operate this guitar business, he can work as an accountant, receive an annual salary of $20,000 with no additional monetary costs, and rent out his showroom at the $3,000 per year rate. No other costs are incurred in running this guitar business.
Identify each of Jake's costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost Explicit Cost
The wholesale cost for the guitars that Charles pays
the manufacturer.
The wages and utility bills that Charles pays.
The salary Charles could earn if he worked as an accountant.
The rental income Charles could receive if he chose to rent
out his showroom .
Complete the following table by determining Jake's accounting and economic profit of his guitar business.
Profit (Dollars)
Accounting Profit
Economic Profit
If Jake's goal is to maximize his economic profit, he___stay in the guitar business because the economic profit he would earn as an accountant would be___.
Answer:
The wholesale cost for the guitars that Charles pays the manufacturer - Explicit Cost
The wages and utility bills that Charles pays. - Explicit Cost
The salary Charles could earn if he worked as an accountant. - Implicit Cost
The rental income Charles could receive if he chose to rent
out his showroom - Implicit Cost
$14000
$-9000
should not
$6,000
Explanation:
Accounting profit= total revenue - explicit cost
Total revenue =price x quantity sold
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
$704,000 - ($404,000 + $286,000) = $14000
Economic profit = accounting profit - implicit cost
Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Implicit costs = 20,000 + 3000 = 23,000
14,000 - 23,000 = -9000
Long-term disability insurance _____. a. pays for temporary living expenses and moving expenses incurred by disabled employees b. pays a flat fee for a fixed number of hours of legal assistance each month for disabled employees c. provides continuing income protection for employees who become disabled and are unable to work
Answer: c. provides continuing income protection for employees who become disabled and are unable to work
Explanation:
Disability insurance is very helpful to people who get injured on the job and so are unable to work. The insurance would provide them with an income for a time so that they do not become destitute.
There are different types of disability insurance with varying lengths and long-term disability insurance is one of them. This one provides income protection for a longer time period and is very useful when the injury in question is quite serious or permanently disables the affected person.
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $136,400 and expected direct labor hours of 12,400 for the current fiscal year. If Job 117 incurs 1,110 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$12,210 b.$136,400 c.$68,200 d.$1,110
price strategy of aquafina
One large bakery still receives flour in 25-pound bags from their own company's warehouse. They use an average of 5500 bags a year. The production step that uses these bags use 35 bags per day while the usage is 16 bags per day. It costs $12.00 to configure the machines for each run. Annual carrying costs are $7.50 per bag. What will be their average number of bags on hand if they request the EPQ bags in each order
Answer:
48.87 bags
Explanation:
First, we need to calculate the EPQ as follow
EPQ = [tex]\sqrt{\frac{2 D S }{H(1-d/p)}}[/tex]
Where
D = Annual Demand = 5500
S = Setup cost = $12
H = Carrying cost = $7.5
d = Daily usage = 16
p = Daily production = 35
Placing value sinthe formula
EPQ = [tex]\sqrt{\frac{2 X 5500 X 12 }{7.5(1-16/35)}}[/tex]
EPQ = [tex]\sqrt{\frac{132000 }{4.07142857}}[/tex]
EPQ = [tex]\sqrt{32421.05}[/tex]
EPQ = 180.06
Now Calculate the average number of bags in hand as follow
Average Number of Bags = [tex]\frac{EPQ}{2} X ( 1 - d/p )\\[/tex]
Placing values in the formula
Average Number of Bags = [tex]\frac{180.06}{2} X ( 1 - 16/35 )\\[/tex]
Average Number of Bags = 48.87
Repetitive sequences of activities that express and reinforce the key values of the
organization, identify important goals and people are referred to as
A) rituals.
B) stories.
C) material symbols.
D) cultural typologies.
Repetitive sequences of activities that express and reinforce the key values of the organization, identify important goals and people are referred to as A) rituals.
For an organization, these rituals are called organizational rituals.
Organizational rituals are repetitive activities and behaviors which an employee is expected to undertake in the organization because these activities and behaviors demand clear performance.
As standardized or predictable behaviors and activities, organizational rituals are required to be performed by all employees in order to perpetuate the values that the organization has accepted as means of achieving its goals.
Organizational rituals align an individual employee with others in the organization, thereby creating a shared experience and a sense of common identity that ensure the organization's survival.
Thus, rituals help to ensure that an organization is maintained for its mission.
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The assumptions of the production order quantity model are met in a situation where annual demand is 3650 units, setup cost is $100, holding cost is $24 per unit per year, the daily demand rate is 20 and the daily production rate is 100. What is the production order quantity for this problem
Answer:
Explanation:
Calculation to determine the production order quantity for this problem
Sqrt [ (2*3650*100)/ (24*(1-20/100)) ] = 500
Sqrt [ (2*50000*20)/ (10*(1-20/100)) ] = 500
=√200,000/(10*0.8)
=200,000/8
=250000
The following information is available for a company's cost of sales over the last five months. Month Units sold Cost of sales January 470 $ 33,800 February 870 $ 40,500 March 1,950 $ 52,500 April 2,470 $ 64,500 Using the high-low method, the estimated total fixed cost is: Multiple Choice $26,586. $106,344. $53,172. $17,533. $30,700.
TC Units
$64,500 (High) 2,470
} $30,700 } 2000
$33,800( Low) 470
VC per Unit = 30 700 ÷ 2000 = $15.35
when 470 units are sold,( substitute vc per unit = 15.35)
TC = FC + VC
33, 800 = FC + ( 15.35× 470)
FC = $ 26 586
Dobles Corporation has provided the following data from its activity-based costing system:
Activity Cost Pool Total Cost Total Activity
Assembly $228,060 18,000 mahcine hours
Processing orders $34,068 1200 orders
Inspection $125560 1720 inspection hours
The company makes 420 units of product D28K a year, requiring a total of 460 machine-hours, 80 orders, and 10 inspection-hours per year. The product's direct materials cost is $48.96 per unit and its direct labor cost is $25.36 per unit.
According to the activity-based costing system, the unit product cost of product D28K is closest to:
a. $95.34 per unit
b. $93.60 per unit
c. $74.32 per unit
d. $89.93 per unit
Answer:
Hence the correct option is option (a) i.e. $95.34 per unit.
Explanation:
Cost of 420 units of D28K product = 460 machine hour cost + 80 order cost + 10 inspection hour cost + 420 direct materials cost + 420 direct labor cost.
18000 machine hours = 228060
so 460 machine hours = 228060 x 460 /18000 = 5828.2
1200 orders = 34068
80 orders = 80 x 34068 / 1200 = 2271.2
1720 inspection hours = 125560
10 inspection hours = 10 x 125560/1720 = 730
So cost of 420 units of D28 products = 5828.2 + 2271.2 + 730 + 420 x 48.96 + 420 x 25.36
=40043.8
So cost of 1 D28K product = 40043.8 / 420 = 95.34
Budgeted overhead for Cinnabar Industries at normal capacity of 30,000 direct labor hours is $6 per hour variable and $4 per hour fixed. In May, $310,000 of overhead was incurred in working 31,500 hours when 32,000 standard hours were allowed. The overhead volume variance is Group of answer choices $10,000 favorable. $11,000 favorable. $5,000 favorable. $8,000 favorable.
Answer:
Manufacturing overhead volume variance= $5,000 favorable
Explanation:
Giving the following information:
Estimated overhead allocation rate= 4 + 6= $10 per direct labor hour
Actual number of hours= 31,500
Standard hours were allowed= 32,000
To calculate the overhead volume variance, we need to use the following formula:
Manufacturing overhead volume variance= (Estimated manufacturing overhead rate*standard allocation base) - (Estimated manufacturing overhead rate* Actual amount of allocation base)
Manufacturing overhead volume variance= (10*32,000) - (10*31,500)
Manufacturing overhead volume variance= $5,000 favorable
Acoma Co. has identified one of its cost pools to be quality control and has assigned $140,400 to that pool. Number of inspections has been chosen as the cost driver for this pool; Acoma performs 30,000 inspections annually. Suppose Acoma manufactures two products that consume 12,600 (Product 1) and 17,400 (Product 2) inspections each.
Assume that Acoma manufacturers only the two products mentioned and they consume 100 percent of the company’s quality inspections. Using activity proportions, determine how much quality control cost will be assigned to each of Acoma’s product lines.
Answer:
Acoma Co.
Product 1 Product 2
Quality control cost assigned $58,968 $81,432
Explanation:
a) Data and Calculations:
Cost of quality control = $140,400
Number of annual inspections = 30,000
Cost per inspection = $4.68 ($140,400/30,000)
Product 1 Product 2 Total
Number of inspections 12,600 17,400 30,000
Proportion of inspections 42% 58% 100%
Quality control cost assigned $58,968 $81,432 $140,400
($4.68 * 12,600) ($4.68 * 17,400)
(42% * $140,400) (52% * $140,400)
Match each example to the appropriate term.
a. Trees used to make paper
1. Human capital
2. Technological knowledge
3. Physical capital
b. A printing press used to make books.
1. Human capital
2. Technological knowledge
3. Physical capital
c. A method of organizing workers to increase production per hour.
1. Human capital
2. Technological knowledge
3. Physical capital
d. The skills workers learn during a training session.
1. Human capital
2. Technological knowledge
3. Physical capital
Answer:
a equals 3
b equals 3
c equals 1
d equals 2
